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Real Time Reporting for VAT in Spain

Real-Time-Reporting-for-VAT-in-Spain.jpgA new regime for reporting the VAT-taxable transactions was introduced in Spain starting on July 1st. The new framework covers large taxpayers, with a turnover exceeding 6 million euros per year and targets those large companies in Spain that file monthly VAT returns. Our lawyers in Spain can help you understand this new regime and whether or not it applies to your business.

 

The new VAT reporting regime in Spain

 
The new real-time reporting for VAT regime was introduced earlier this year through Order HFP 417/2017. The aim is to better allow the Spanish tax agency to follow up those transactions that are liable for value added tax. According to the new regime, taxpayers have to report within four days those transactions for which an invoice was either issued or received. This applies to those companies that have a turnover which exceeds 6 million EUR per year: large companies in Spain, groups and those types of companies that file monthly VAT returns.
 
The new regime eliminates the requirements for filing three different types of tax forms. Those companies eligible for this regime can, under certain conditions, benefit from subsequent tax reductions if they participate in this scheme and follow through with the compliance checks. 
 
Our team of lawyers in Spain is ready to assist you with tax compliance and VAT reporting. 
 

Value added tax in Spain

 
VAT is imposed in Spain on the transaction of goods and services. The standard VAT rate is 21% and reduced rated apply to some types of goods and services. The possible reduced rates are 10% and 4%. Some transactions are not subject to VAT. Registration is mandatory for all Spanish taxpayers. For those companies that have a turnover below 6 million euros per year, the filing and payment are made on a quarterly basis.
 
You can contact our law firm in Spain for more detailed information on the current tax laws, the requirements for monthly filings and the rules of reporting and accounting.

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